For Q3FY18, Phoenix Mills Ltd’s operational revenue decreased by 4.6% yoy to Rs416.61cr as against Rs436.69cr. The company’s EBITDA margin has increased by 69bps yoy to 49.6% as against 48.9%. The company’s EBITDA declined by 3.3% yoy to Rs206.75cr as against Rs213.73cr. The company’s PAT before share of associates decreased by 6.6% yoy to Rs58.82cr as against Rs62.95cr. The company’s PAT after minority interest grew by 46.5% yoy to Rs65.25cr.
The increase in EBITDA margin was led by expansion of 156bps yoy in gross margin and 11.9% yoy decline in electricity expense to Rs41.96cr.
The effective tax rate increased to 27% (7.9% in Q3FY17) leading to a decline in the bottom-line.
The finance cost declined by 18% yoy to Rs88.26cr.
The Property and Related Services division’s revenue declined by 8.7% yoy to Rs320.42cr leading to the decline in overall top-line growth of the company. The division's EBIT grew by 13.2% yoy to Rs138.06cr.
The Hospitality Services division’s revenue grew by 12.3% yoy to Rs96.19cr. The divisions EBIT declined by 52.8% yoy to Rs20.22cr.
During the quarter the company completed and commenced operations at the New North Sky Zone at High Street Phoenix, Mumbai. The company has also commenced operation at their latest mall, Palladium in Chennai spread over 220,000 sq.ft.
Aggregate consumption across all the malls for the 9MFY18 grew 10% yoy to Rs4,790cr. Commercial portfolio of close to 1mn sq.ft is 83% leased and the company expects to report strong lease rental income from the commercial portfolio in the coming quarters.
Aggregate retail rental income across the malls during 9MFY18 grew 11% yoy to Rs640cr, backed by double digit consumption growth.
The company’s effective borrowing cost is at 8.99% as of January end, 2018 compared to 10.2% in March 2017.
During major part of Q3FY18, approximately 12% area in High Street Phoenix was under fit-outs and did not contribute to consumption as well as revenue during the quarter. This area is now operational with premium offerings from apparels & fashion and F&B brands.
During 9MFY18, St Regis, Mumbai’s room revenues grew 14% yoy to Rs86.9cr, average room rate grew 11% yoy to Rs11,222, average occupancy grew by 300bps yoy to 73% and EBITDA grew 20% yoy to Rs71.7cr.
During 9MFY18, Coutyard Marriott, Agra’s total income grew 13% yoy driven by robust performance by rooms, F&B and banquets, average occupancy grew by 1,000bps yoy to 61% and average room rate declined by 10.7% yoy to Rs3,636.
As on December 31, 2017, the company had leased 0.81mn sq.ft at an average rate of Rs97 per sq.ft. During Q3FY18, an additional 64,000 sq.ft at Art Guild House (AGH) was leased out. With that, 85% of the available leasable area has been leased in AGH.
Rs32.8cr of revenue has been recognized for One Bangalore West, Kessaku & The Crest projects in Q3FY18. Total collection during Q3FY18 was Rs23.9cr.
Phoenix Mills Ltd is currently trading at Rs602.20, down by 3.45 points or 0.57% from its previous closing of Rs605.65 on the BSE.
The scrip opened at Rs600.55 and has touched a high and low of Rs622.50 and Rs594.05 respectively. So far 65,314(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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